Authors: Andrew Klein & Sera Elizabeth Klein

Dedication: To every Australian who has been promised a future built on sand. To every worker who has been told a story that was never true. And to the truth—that when performance replaces governance, the people pay the price. We remember. We will not forget.

The $70 Billion Question Albanese Won’t Answer

On 24 August 2026, Anthony Albanese stood at the Henderson shipyard in Western Australia and made a promise. “10,000 jobs,” he declared. “Billions invested in WA. And more things made right here in Australia.”

It sounded like a plan. It was a performance.

The $25 Billion That Became $70 Billion

Last year, the Defence Department confirmed the $25 billion estimate for the Henderson Defence Precinct was “roughed-up numbers” developed during initial studies in 2023-24, and flagged the “figure will evolve as we mature our design”. By August 2026, sources familiar with the project told *The West Australian* that estimates had ballooned to anywhere near $70 billion.

When pressed on this near-300% blowout, Defence Minister Richard Marles offered nothing but waffle: “The sort of money that you’re seeing in today’s newspapers, I mean, we’re not imagining any of that—but we are really clear that what we have committed in terms of the budget gets us to the milestones that are in the medium term.”

Pressed on how additional costs would be funded, Marles insisted it would be “something that we will work through in the Federal Budget”. Translation: We don’t know. We haven’t planned. We’ll figure it out later.

The 10,000 Jobs Mirage

The “10,000 direct jobs” figure is not a guarantee—it is a projection over “the next two decades”. Even the government’s own press release admits the precinct will “in time” employ directly “around 4,000 people”. The rest are indirect jobs from the “multiplier impact”—a forecasting exercise, not a commitment.

The Submarines That May Never Come

Former prime minister Malcolm Turnbull has told an independent inquiry there is a “very real risk Australia gets no Virginias at all”. The US Navy has procured 41 Virginia-class submarines since 1998, but only 25 have been delivered and commissioned. Turnbull warns Australia risks “a period of zero submarine capability”.

Defence Minister Marles has admitted Australia has no backup plan if AUKUS fails.

The Site That Wasn’t Ready

Despite the fanfare, the site boundaries for the Henderson Defence Precinct were only finalised on the day of the announcement. Just last year, Defence insisted boundaries would be determined “at the right time” despite concerns about the imminent arrival of US nuclear submarines from 2027. Former Defence Minister Linda Reynolds characterised the delays as “incompetent”.

Why Is He Lying?

This is a distraction. The government has spent months defending its Palantir disaster—$165 million of the Future Fund, $60 million in contracts, and the secret embedding of Palantir in the NDIS. A shiny defence announcement changes the subject.

Greens Senator David Shoebridge has described the announcement as a “$12 billion PR stunt”. The plan could turn Henderson into a major maintenance hub for US nuclear submarines—a sovereignty concession dressed as a jobs announcement.

This is not governance. This is theatre.

And Australians are paying the price—in billions, in sovereignty, and in trust.